Mitsui Sumitomo Insurance Group Holdings Inc., Aioi Insurance Co. Ltd. and Nissay Dowa General Insurance Co. Ltd. have reached final agreement on their integration next April. The integration will create Japan's biggest nonlife insurer in terms of net premium revenues, which correspond to sales at manufacturers, overtaking industry leader Tokio Marine Holdings Inc. The three companies said they will aim to reduce costs by more than ¥40 billion in fiscal 2013 through cost-cutting measures such as developing a common system. In the integration through equity swaps on April 1, Aioi Insurance and Nissay Dowa will become subsidiaries of Mitsui Sumitomo Insurance, which will be renamed MS&AD Insurance Group Holdings Inc.

Mitsui Sumitomo Insurance Group Holdings Inc. reported earnings results for the first quarter ended June 2009. For the quarter, the company reported that its net profit increased by 36.9% to JPY 32.1 billion. The company reported that its net premium revenue decreased by 6.9% to JPY 354.4 million for the first quarter of 2010. The company suffered year-on-year falls in net premium revenue in April-June, hit by a slump in mainstay automobile insurance operations.

Mitsui Sumitomo Insurance Group Holdings Inc. reported earnings results for the first quarter to June 2009. For the quarter, the company reported a total of ¥9.8 billion ($103 million) in valuation losses on its securities holdings in the April-June quarter, owing to a sharp decline in stock and bond prices. The company's paper profit on its securities holdings as of June's end had improved ¥300 billion from the end of last fiscal year to ¥750 billion. The company reaffirms earnings guidance for the full year of 2010. For the period, the company is keeping its full-term forecast unchanged for now.